Market Size of United Arab Emirates Real Time Payments Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 14.56 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UAE Real Time Payments Market Analysis
The United Arab Emirates Real-Time Payments Market is expected to grow at a CAGR of 14.56% over the forecast period (2022 - 2027). The majority of the United Arab Emirates (UAE) market depends on cash-based payments. With the shift of consumers towards digital payments and increased internet penetration, the real-time payments market is growing rapidly.
- Real-Time payments are instant payment systems that are initiated and settled at the same time of payment. The real-time payment is available throughout the weekdays, including weekends and holidays. These payments provide end-to-end communication and solve the issues of transparency and delay in the payments market.
- The reliance on traditional banking has fallen dramatically in the past, with customers demanding more convenience and flexibility. There has been an emergence of new instant payment providers. These factors are driving the demand for the real-time payments market in the United Arab Emirates.
- The government is taking initiatives in the country to promote the usage of real-time payment. For instance, In 2021, the Central Bank of the UAE (CB UAE) introduced NPSS (National Payment Systems Strategy) implemented NPSS (National Payment Systems Strategy) which is designed to make payment systems universally interoperable and foster the transition to a cashless society built around real-time - also known as instant - payments.
- In February 2022, the Central Bank of the UAE (CBUAE) selected Accenture to lead a consortium of companies to help execute its National Payment Systems Strategy. In collaboration with SIA, now part of Nexi Group, and G42, Accenture will build and operate the National Instant Payment Platform (IPP) over the next five years.
- Similarly, in November 2021, the National Payments Corporation of India (NPCI) arm NPCI International Payments Ltd (NIPL) signed a memorandum of understanding for a mobile-based real-time payment system in the UAE. It will also be facilitating UPI payments in sectors such as jewellery, supermarkets, and duty-free retailers.
